Here's an example as a case study.
A Rolex White Dial PamAm, which according to Worn and Wound 200 special White Dial Rolex GMTs were ordered by PanAm in the mid 1950s. Anyone know anyone who actually owns one, me neither.
I love this watch and Steinhart did a homage sold exclusively from a single German boutique with only 50 Pepsi and 50 Coke watches made. This watch has never been available from Steinhart direct. Luckily I have both.
Other companies such as Squale have done their own version of the legendary Rolex PanAm watch.
There are enough differences for me, for example Steinhart didn't attempt to put a faux Bakelite bezel insert in, using good old aluminium instead and they put crown guards on when the Rolex didn't have them and they omitted a chapter ring on the dial.
I did own a 1968 Rolex Pepsi GMT with the Mark 1 Long E dial, but I just didn't like it, much prefer a GMT with a white dial.
I'm sure there will be those who even think this type of homage is wrong, but I don't care